Canara Bank Q3 net down 9% to Rs 696 cr due to higher provisioning

Gross NPAs drop 236 bps to 7.46%, net NPAs down 298 bps to 2.64%

Public sector Canara Bank on Wednesday reported a 9 per cent drop in its third quarter net profit to Rs 696 crore, taken together with financials of Syndicate Bank that merged last April, mainly due to rise in provisioning. 

Gross non-performing assets (NPA) on a consolidated basis dropped 236 basis points to stand at 7.46 per cent at the end of December 31 2020. Net NPA fell 298 basis points to 2.64 per cent. One basis point is 0.01 per cent.  

Provisioning jumped 61.25 per cent to Rs 4,686 crore for the merged entity even as most of the provisions were for